All Forum Posts by: Marie Thomas

Hi Mike! 
I don’t personally have the answer for you on this, however I do have someone in my network I’d be happy to connect you to. They mentioned the following in regards to your problem: 

“He would end up going with CRC/RPS which are surplus plus lines. But, yes we do those. Mainly the goal is for them to keep that policy for a year and then get the sprinklers in places.”

They seem to know what you need and can help… if you would like me to make the introduction please let me know! 

All the best,

Marie

What interests you in the SC area? 

Hi there! Welcome to BP! I agree with @Bryant Xavier I use Furnished Finder as you can input your proximity to the local hospitals and a lot of traveling nurses use it! There are also always people looking for interim housing. I will say, although I started my real estate investing journey with furnished short/mid term rentals, if you want to scale, long term unfurnished is likely the best way to go.

Hi there! I haven't worked with him, what is it that you're looking to do? I have an interior design business, perhaps I can point you in the right direction. 

Hi Ashwani! I have one that may be helpful for you. I'll send you a message!

Join as many real estate-focused groups in your area and NETWORK. Find people in your market who are already doing it and reach out to them to learn more. You may be able to meet the right person to team up with who could loan you the cash and find a seller financing deal! 

Live in flip is the way to go, that's what I did in CT. That way you can give up your rent (aka paying someone else's mortgage). Open a cc with a good point/interest rate/perks dedicated to the LLC, it will make it so much cleaner for taxes and you will receive points rather than using debit card with no add value. There is also an app called Keeper that can help you categorize expenses. I'm not familiar with your market but the faster you can start paying your own mortgage rather than someone else's you're one step closer to the long-term goal of financial freedom.

Yes, it will be exhausting, you will learn a lot, Youtube will be your best friend but don't give up. Best of luck!!

There are several types of fees on Airbnb specifically: 

-Airbnb service fee, cleaning fee, extra guest fee, pet fee, security deposit, VAT (if applicable), and local taxes. 

There are also 2 different types of fee structures - a split fee and a Host-only fee. 

1. Split-fee: most common and split between the Host and guest. 

Host fee= 3%, but some pay more depending on the location of rental. It's calculated from the booking subtotal but excludes the guest service fee and taxes but is automatically deducted from Host payout. For any cross-currency bookings, the guest service fee will include additional charges which could be as high as 16.5%. 

2. Host-only fee - the entire fee is deducted from Host payout (~14-16%). Depending on the booking VAT fees may also be applicable. 

Take a look at the screenshot below as an example to help you better understand, this is a listing in CT. 

If you are worried about fees and occupancy rates, I would suggest flipping back and forth between traveling nurses. There's a great site called Furnished Finders.

Hope this helps!! 

@John Underwood that's a great idea!

So many great comments here! I agree with a lot of what has been said. I have a very similar property, it's technically 2 parcels together with a 2 family in front and an 800 Sqft ADU cottage in the back, they share same driveway and I have parking in the front.

What I have done in the past when setting up a short-term rental is to use a spreadsheet and go room by room. It will help you think of all the little and big things. Always include pillow and mattress protectors; if you plan on scaling it, always have at least 3 sets of sheets/pillowcases. That way one can be at the laundry, one on the beds, and a backup in the house just in case for the guest. If you are into it I say DIY furniture but if you're not Goodwill or a local thrift shop is a great solution. By creating a spreadsheet you can estimate costs prior to puchasing and create a full shopping cart for yourself. I would also recommend buying paper goods/cleaning products from a WB Mason or something like that for the best savings.

For mattresses, I use Lucid - they are so comfortable and affordable, they also get delivered in a compact box which makes it easy.

Have some type of signage out front and make sure the numbers are easy to differentiate on the property, that way its is clear and straightforward for guests. If you create some type of Canva book for your property you can include most instructions and quirks in there and send to the guest prior to the arrival. You will learn as you go along but anything you can do to be as prepared as possible is best! 

Before I opened my STR, I actually booked an Airbnb and stayed in it to get the "consumer" perspective and saw what other people did which was a great way to prepare for running my own!

If you have any other questions feel free to message! Good luck!